Bengal Chemical and Pharmaceutical Works Limited (Acquisition and Transfer of Undertakings) Act,1980
Act No : 58
Section : ORDER OF PRIORITIES FOR THE DISCHARGE OF THE LIABILITIES OF THE COMPANY
SCHEDULE 01: ORDER OF PRIORITIES FOR THE DISCHARGE OF THE LIABILITIES OF THE COMPANY
THE SCHEDULE
(See sections 20-,21-,22-and24-)
PART A POST--TAKEOVER AND PRE--TAKE--OVER PERIODS Category I- Wages, salaries and other dues of the employees of the Company for the post-take-over period as well as arrears in relation lo wages, salaries, provident fund and other dues of the employees for the pre-take-over period.
PART B
POST--TAKE—
OVER PERIO
Category II-
(a) Loans advanced by the Central Government and interest due thereon.
(b) Loans advanced by banks and financial institutions, guaranteed by the Central Government and interest due thereon.
Category III-
(a) Credit availed of for purposes of trade or manufacturing operations.
(b) Any other dues.
PART C PRE--TAKE--OVER PERIO
Category IV-
(a) Revenue, taxes, cesses, rates or other dues to the Central Government or a State Government.
(b) Sales tax. rates and taxes contributions to be made to the Employees' State Insurance Fund and additional dearness- allowance payable to employees.
Category V-
Principal amount of the secured loans advanced by banks and financial institutions and interest due thereon up to and including December 15. 1977 that is to say the date on which the notified order under section 18A of the Industries (Development and Regulation) Act. 1951-. was published in the Official Gazette.
Category VI-
Revenue, taxes, ceases, rates or any other dues payable to a local authority or State Electricity Board.
Category VII-
Amounts due by way of interest on secured loans referred to in Category V after December 15, 1977.
Category VIII-
(a) Any other credit availed of for purposes of trade or manufacturing operations.
(b) Any other dues.
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